Two words: Things change.
It has been mentioned on numerous articles, been discussed in roundtables of business experts and strategists and such that change in society must be a significant factor in the formulation of strategies and decision-making of the business sector.
Rebranding “is the process of changing the corporate image of an organization. It is a market strategy of giving a new name, symbol, or change in the design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market.” from economictimes.com.
Businesses may rebrand in two ways; proactive and reactive. Proactive rebranding is planned and driven by new strategies meticulously formulated by the company and its present and future while Reactive rebranding is done as a response from a major circumstance that affects the company or the whole business sector or the society.
Now, you may think creating a different identity or re-introducing yourself in your [new] target audience in the market is just all about changing the logo design and the overall aesthetics of the company, yes it’s part of that, but there’s much more to it.
Rebranding also includes meticulous inspection of the current state and how you will change or innovate it in accordance to the purpose you want to deliver.
There are many reasons why businesses rebrand and these are the major ones;
1. Targeting a new wave of customers. Human beings are the drivers of the society and if there’s a change within them, it will have a domino effect on the other members and sectors of the society, business included. One example of this is the brand Adidas. In 2014, they relaunched Stan Smiths which successfully gained the attention of the millennials. Adidas strengthens its strategies by using influencer and digital marketing which targets the most recent generation of today.
2. If the current image of the company is no longer recognizable to the global market. Well, you can ditch that 100-year-old logo and design a new one that is more trendy and competitive in today’s market. Even the century-old Coca Cola rebrand itself now and then.
3. If mission, vision, and goals are achieved (or not). These short and long-term plans also have their own expiration date. When the right time comes, even the company’s philosophy may not sound as what the current business is doing. As we’ve said above: Things change.
4. The most common reason is the merging or acquisition of other companies. And if two companies combine, they will look for their common denominator or create a new one so they can still speak as one and not as two different entities.
The secret is all about knowing the company well. This introspection is the first step in achieving a successful rebranding. By being aware of what is the current situation and what do you want to change is the beginning of everything.
The change will not happen if you do not know what you should change. What is working, what is not? What is fitted to our target audience, how are human resources doing? Are they acting as an ambassador of our own product or service? And the questions go on.
See, it is not just about the aesthetics, but rebranding also touches the behavior of the smallest stakeholder.
But since the aesthetics are considered as the face of the company that will make a new impression, it also must be meticulously planned as well. See how Dunkin’ Donuts removed the ‘Donuts’. It created a clamor among people sparking curiosity about what the brand is currently up to. The moment that people see and feel it then you can say that it is a successful one.
Rebranding is a dynamic, carefully planned strategy of the company towards its specific goal. But more than overhauling the setting, it is a collaborative and extensive process that requires unity among everyone.